A preliminary deal is in the works to turn three buildings on the edge of the Faubourg Marigny — including a historic, 19th-century structure on Frenchmen Street — into a 40-room hotel and entertainment venue, a potentially transformational project for a long-neglected block that serves as the gateway to one of the city’s most popular tourist destinations.
The buildings are located on the triangular block bounded by Frenchmen and Decatur streets and Esplanade Avenue. Two of the buildings have recently sold, according to their former owners and property records. Negotiations over the third building are in the works, according to a representative of its owner.
Property transfer records filed Monday in Orleans Parish identify the buyer as Galaxy Investment Partners, the family office of New York billionaire Michael Novogratz, a former Goldman Sachs partner and co-founder of the private equity firm Fortress Investment Group…